Naira can be N1,100 to $1 this year – Dangote
Chairman of the Dangote Group, Aliko Dangote, has forecast a stronger outlook for the naira, saying the local currency could appreciate to about N1,100 against the US dollar in 2026.
Speaking on Tuesday at the launch of the Nigeria Industrial Policy in Abuja, Dangote expressed optimism that ongoing government reforms are beginning to yield positive outcomes.
The event was attended by Vice President Kashim Shettima and other top government officials and industry stakeholders.
According to Channels TV, Dangote noted that although the naira is currently trading at around N1,300 to the dollar, sustained policy implementation and economic reforms could further strengthen the currency in the coming year.
“I believe with the policies that you have implemented in government, people now have started seeing the result, and manufacturers are very, very happy,” he said.
He added, “Today, the dollar is N1,340. Mr Vice-President, I can assure you that, with what I know, by blocking all this importation, the currency this year will be as low as N1,100 if we are lucky.
“The only thing is for, maybe, the government to stop the naira from getting stronger so that they will keep collecting more naira.
“But it’s a catch-22 situation where, now, if the naira gets stronger, it means that everything will go down. Everything will go down because we are an import-based country, which we shouldn’t be. What we should be doing is manufacturing all the things that we need.”
Dangote also called for stronger protection for local investors through incentives and infrastructure, highlighting power supply as a persistent challenge.
Earlier, Femi Otedola had predicted that the naira could trade below N1,000 to the US dollar before the end of 2026, following the Dangote Petroleum Refinery reaching its full capacity of 650,000 barrels per day.
Otedola described the refinery’s output as “transformational for Nigeria and Africa” and said its ability to supply up to 75 million litres of Premium Motor Spirit daily would shift the country’s energy narrative and conserve foreign exchange.
“I am optimistic that the naira will strengthen meaningfully, and trading below ₦1,000/$1 before year-end is increasingly within reach,” Otedola had said.
